Condos rise in downtown Albany

Rosenblum Development continues to make progress on its project at 17 Chapel Street in downtown Albany, as evidenced by this photo snapped by the folks at Zone 5.

The 24-unit condo development is a big thing for downtown Albany, where folks have been talking about residential construction for years — but with little action. If the project succeeds, it could provide a big boost for the center of the city.

Rosenblum is adding three floors to what is now a squat, concrete structure built as an auto dealership. The project is expected to open next year. A rendering of the finished building is below.

29 Responses

Sure the tax abatement is nice, but the price per square footage is astronomical. Throw in the HOA fees, and the fact that each unit only comes with one free parking space, and you have a serious problem.

I think it’s very telling that the cheapest units, including the few one bedrooms, are the ones that went during the presale.

I wish them the best of luck. But I fear they are overshooting the market. My fiancee and I are right in their wheelhouse; well-educated professionals with a combined annual income approaching $200,000, who have no plans for children.

But why would anyone spend $400-$600 thousand dollars to live in a 1500 square foot condo, when you can get the same thing for half that elsewhere in Albany and the suburbs?

No, etc hates these condos. And with good reason; they’re far too expensive and there’s not enough units. etc wants taller buildings with more units at a cheaper price per unit. The only condos in the area I’ve seen that have come anywhere close to being affordable enough to fit etc’s criteria are at Powers Park in Lansingburgh.

His single-mindedness gets annoying, especially when he goes so far as to completely trash the area and introduce politics to the equation, but he’s right about one thing: There’s an untapped market here for affordable condos. The so-called “luxury” condos aren’t selling well and unfortunately that may dissuade potential developers from trying cheaper options, but given home prices here, you can get so much more house for the same amount of money that you’d spend on a condo.

I’m into Condos for Albany-Schenectady-Troy. But not at $400,000.00. No way! Trust me, you can get a $400,000.00 condo in Sana Barbara, CA.

I will take this opportunity to excoriate the lazy, do-nothing mayors of Albany-Schenectady-Troy for not allowing MORE condos to be built. If more were build the prices would be drastically less.

But the lazy, do-nothing mayors of Albany-Schenectady-Troy spend all their time rolling out the red carpet for the welfare and criminal classes, instead of looking out for middle class wage earners who might want to spend something like $175,000.00 for a condo in Albany.

There’s even $1200.00/month loft apartments in Cohoes! How pathetic!! I wouldn’t give you $600.00/month for one.

ETC, what condo project did the Troy mayor refuse to be built? I follow the local papers pretty closely, and also read the zoning/plannoing board minutes and do not recall an instance where condos were turned down.

None, that I know of. But I don’t recall any news of him pro-actively wanting to attract condominium development. Actually Troy Mayor Tutunjian (sp) I have a lot of sympathy for. He’s trying but his city council block his every move. Having said that, he still could plant the seeds of future projects in the minds of Troy residents. Like, maybe on the banks of the Hudson River?

I was in Saint Louis, MO about…14-15 years ago or so. I think it was the southeast part of the city that was run down and the city didn’t know what to do. They brought in a high-rise condominiums developer and condos were built in a part of the run down area. This now improved area brought in more developers and those developers bought up the remaining properties and gentrified the entire neighborhood. Saint Louis has high crime. But city officials have made sure that it’s limited to certain areas, if you know what I mean.

Look at what’s available. LOTS of them. Variety. Look at the prices, too! Look at what you get for $150,000.00!

Another city that I have traveled to is Columbia, SC. About 20 years ago it was a backwater city. Now it’s cosmopolitan. You find a lot of erstwhile New Yorkers living there, believe me.

In Saint Louis and Columbia, city officials do NOT waste ALL of their precious time and money on the welfare and criminal classes like they do in Albany-Schenectady-Troy. They DON’T! Both cities have exciting downtown areas where there’s endless things to do. People there are happier than people here are. And Saint Louis and Columbia are just like pretty much 97% of the rest of this great country that we live in. Albany-Schenectady-Troy is in the 3% where…it’s just so bland.

Here’s a $172,500.00 condo sample for Columbia. Not great, mind you. But Albany-Schenectady-Troy needs about 15 of these at these prices. NOT $400,000.00!!

I agree with Zack, Tim and etc. Condo/highrise living is not for everyone. Families with children tend not to like them because it’s too tough to let the kids on out to play, when you can’t keep a close eye on them and when they are 10 stories down. However, singles or childless people looking to have more freedom from lawn/yard, driveway maintainence really love them. Most of the single, childless people are young and not interested in spending $400k. What’s wrong with $175k for a 2 BR/2BA with a decent view located in an emerging area? Starter homes don’t need granite everywhere or top of the line cabinetry.
Places where condos have taken off are usually either very crowded areas where land is very expensive (think NYC, Chicago) or places with a vibrant youth scene (Miami, LA.) The young people like to be in the center of the nightlife and entertainment district because that’s where the fun is. The problem is that if all you build is “luxury” condo’s that same crowd has to choose between spending money on the nightlife scene or on granite countertops and fancy appliances.
The this area, land is still relatively cheap. If a couple like Zack and his fiancee can live in a comfy 1500sqft home or rent a similar sized place for about the same as it’s would cost with mortgage/HOA fees, why bother with the condo. If I wanted a luxurious 1200sq ft place I’d go to the Alexander or some of the new apartment complexes in the ‘burbs where you are closer to ammenities and it still costs less per month.

wouldn’t it be great to see the area they want to put the convention center be full of condos/apartments and retail instead??! imagine the possibilities! chapel st may be expensive, but at least it’s something, and if people are willing to buy them, then so be it!

“Chris, would it be possible to interview some builders and hear their side of the high end vs low end condos in this area? To me it would seem they would be built if it was financially viable.” mub

I have been hoping for the same thing, mub. Given all the links to moderately priced condos that I have (annoyingly) posted here, I’ve already done much of Chris’ research.

Additionally, Chris should talk with condo developers from other areas who actually have developed moderately priced condos.

The question should also be posed to retail owners & reataurant owners in downtown Albany, Schenectady, and Troy. I’m sure they buy into the idea of potentially MORE customers living in high-rise condos.

@etc and MUB,
I’m not sure that I agree with the premise that there are no affordably priced condos built in the Capital Region. What about the condo developments off of Oakwood in Troy, or the developments on outer New Scotland and Whitehall in Albany? I agree that condo living isn’t as prominent here as in more urban parts of the country, and obviously the developments I mentioned aren’t in downtown areas. But my quick search of the listings shows dozens of condos priced below $200,000 in Albany alone.

while I agree on several levels, I’m not buying one at $400-$500k either. these condos are being built by businessmen and contractors, to make a profit. they are not in it to make friends or get a pat on the back from well meaning bloggers.

now, if city government was in the high-end housing business with below low profit margins with sights set on future tax base cash flow you might see a lower price point. (but I’m guessing that blog would be lit up with another set of negative comments all together).

that said, if these higher priced condos gain steam and popularity you might start to see some competition. which might help drive the price down on future development. but this is like the new Ipad, or new whatever, you’re going to pay more for the first generation of a good thing.

I didn’t suggest it DID work that way, etc. I’m an architect, I know how it works. has it occured to you, etc, that the reason so many condo projects have been discussed only to never happen is because developers can’t figure out a way to make a profit? This particular project has been on and off the drawing boards for the better part of 4 years.

perhaps your magic business model discovered in “The vast majority of cities in this country” with “moderately priced condominiums in abudance” would work here?

maybe you should get into the condo business instead of just telling people how it works on an internet blog.

etc. ignores the fact there is a real estate market in every city in America, priced according to local demand and cost of construction. One reason, for example, why cities elsewhere may have “moderately priced condos in abundance” is that they are overbuilt, so there are so damn many on the market no one can get a profitable price.

He also thinks SE Washington DC is desireable, that 40 miles outside Atlanta is downtown, that 45 minutes outside Pittsburgh is Pittsburgh and on and on and on. Somebody once said a little knowledge was a dangerous thing–and that was before blogs.

“the reason so many condo projects have been discussed only to never happen is because developers can’t figure out a way to make a profit?” rich

They exist pretty much everywhere else. Wouldn’t the same low profit margin dissuade developers from building condos in other cities as well?

I’m curious to know why they cost so much to build in Albany-Schenectady-Troy. I also wonder what politicians could do (aren’t doing) to make them a priority. Wouldn’t moderately priced housing in urban areas be attractive to them?

Oh, man, etc’s getting desperate. He’s had to resort to showing us normal-sized buildings rather than the “high-rises” he fantasizes about. Maybe he’ll finally stop squawking about putting up skyscrapers everywhere and start agreeing with the rest of us that it’s better to have development that fits in with its surroundings.

Etc. is a bit single minded but he has a point. It doesn’t have to be 20 stories of condos but a 5 or 6 story building like the Chapel St project or others.
It’s not the height of the buildings it’s that fact that everyone seems to want to build $350k 2BR 2BA condos in downtown! Make them nice starter homes for young single people who like to be near nightlife. Make them decent places for empty nesters who are not interested in the ‘burbs and who also like to dine out and be near entertainment etc.

The only reason that Albany-Schenectady-Troy do NOT have affordable downtown condominiums is because the Democrat politicians don’t want them. They don’t want to rock their own boat. They don’t want to take ANY chance of bringing in potential Republican voters into their cities.

A measly 24 unit condo complex where the units sell for $333,000.00 in bland Albany, New York is an INSULT! It’s bad enough that there’s so few of them but $333,000.00 for a unit is absolutely ridiculous. Don’t you get it?

Additionally, it’s not “we” who need to figure out how to bring condo builders to Albany-Schenectady-Troy. It’s the MAYORS of these lame cities who need to do that and if they haven’t done much of anything to do that by now it’s painfully obvious that they don’t want them. Pure & simple!

etc, now that you acknowledge condos does not mean high rise, will you acknowledge the universally accepted idea that, as a general rule, real estate proces decline the further you get from either coast? It is neither disturbing nor surprising that a condo can be had for in Green Bay, or Milwaukee, or Lexington, or Des Moines, than here–so can similar houses.

Downtown Baltimore, especially the decrepit part where you keep citing, doesn’t count.

And I will go further out a limb and say that anyone buying at 17 Chapel, for example, is more likely to be left of center than right. This sin’t Saratoga, where the wealthy will snap one up for a few weeks of residence. These would be homes, to people who want easy access to night life, galleries, Cap Rep. You know, fun people. Democrats.

Elmer, Repubs like nightlife and galleries and theater too. Recall that most of those sponsors of the arts over generations have been rich republicans. The ballet and symphonies at Saratoga being one example.
The fact is that there is no reason to think that condo owners are more likely one part or the other. I can’t speak about Green Bay or Milwaukee but Lexington is a thriving smaller city with a solid residential base. I have a friend from Des Moines who while she may be biased, has spoken recently of how her hometown has seen positive change recently.
If you can convince people to come live in the city you start out ahead. You have to know who is most likely to WANT to live in an urban area though. The general description is a.) singles and b.) double income, no kids. Category B includes, empty nesters, young marrieds and homosexuals (who may have children but who are statistically less likely to.) If an area sees and influx of residents because homes are avaialable at a moderate/reasonable cost then neighborhoods and services will follow. People who live in a 40 unit condo will utilize the dry cleaner or the liquor store or gas station or drug store in close proximity. It’s all great to be able to walk to Yono’s or Prime or Capital Rep but when you have to drive to … where? to get to a supermarket or CVS things are not so great. You need to create a neighborhood.